cross-posted from: https://linux.community/post/512445
my bet is: as long as we need to completely transition to renewable transport, because everything we eat, build and wear needs to be transported and most of us don’t work from home or study from home:
oil prices are high because that’s what putin can use as leverage against the developed world after his failed annexation of Ukraine and it’s clear he’d rather die than accept Ukraine is an independent country. Global warming makes a transition to renewable energy inescapable and even if putin died today and Russia opened the taps again, it would only slow down the transition.
But holy shit, it’s gonna be hard and expensive, it’s going to take decades and every populist politician of both left and right is going to fight it. My bet is 2 decades.
What do you think?
Yes, that is adjusted for inflation. They raised prices beyond what was necessary to account for increased costs and had record high profit margins, so you had companies like ConAgra foods reporting profits 60% higher than the same quarter the year before, and people accepted it because of the pandemic and stimulus packages (“Biden dumped money in the economy!”) and labor shortages. It made a great scapegoat. Those loans existed before the pandemic, they really don’t account for what happened. Inflation driven by corporate gouging had never been seen before like this.
You can find a lot of information about greedflation.